Saturday, August 6, 2011

It's the Jobs, Stupid!

Three articles that make the argument that the real crisis in America is unemployment, and that drastic action needs to be taken to address this crisis (a point which seems so obvious that I almost feel stupid typing it).

Paul Krugman in the NY Times and Stephen Foley (whose article is aptly titled "America Has Just Abandoned the Unemployed") in the London paper The Independent both argue for intervention by the Federal Reserve, as well as direct job creation programs by Washington.

And a more personal piece from NPR addresses the diminishing prospects that face the increasingly discouraged long-term unemployed workers. Many are giving up hope and dropping out of the labor force altogether, which no doubt is partially responsible for the slight drop in the unemployment rate last month, while other jobless workers are forced to lower their expectations for adequate pay, benefits, and working conditions.

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